Having enough money to buy your own place is hard. Here are four strategies, including living with family or friends for a period, that will help make it doable.

Despite the real estate boom and bust and the many Americans who lost their houses or saw the value plummet, most non-homeowners still hope to buy a place one day. Of course, many reasons exist as to why they haven’t yet, including bad credit or too much debt, as well as the doozy: a lack of upfront cash. According to a recent Trulia Trends survey, 41% of millennials surveyed said that saving for a down payment is their biggest hurdle to home ownership. Being able to swing the monthly mortgage nugget simply isn’t enough.

Here are four ways that home buyers (millennials or any generation) can increase the amount they’ve got stashed for the down payment, and build their buying power.

1. Find New Ways To Save

Move back in with Mom and Dad: You might be cringing right now, but don’t worry — it’s not forever, and chances are your folks will throw you out before you are ready to move out anyway. Consolidating housing and moving back in with parents for a short period of time is a huge way to save money.

Cut back on significant spending: Sure, you can cut back on the daily latte and lose a few cable channels, but that is not going to get you enough saved before middle age. You need to cut back on the significant spending areas and big ticket items, like a fancy car (with hefty monthly payments) and yearly vacations. You’ll likely be surprised at how easily you can adapt to spending less, when you know the money saved will go toward an important goal.

Pay yourself first: Set aside money to be saved automatically every time you receive a paycheck — no matter what. Your bank should be able to help you with this by automatically depositing a specific sum into your savings account when your paycheck clears. This way you’ll know when you’ve hit your spending limit for the month.

2. Seek Out Additional Income Sources.

A little help from Mom and Dad: A great and often overlooked source is … the folks. If they are in a position to help you, each parent can “gift” you money every year, tax-free. Currently the allowed amount is $14,000 per year, per parent. If you are married, you can double that to more than $50,000 a year. If you are smart and plan ahead, two years’ worth totals six figures. A very nice start! In fact, according to Trulia’s survey, 50% of all millennials plan to do just that!

Get a roommate: This one is a no-brainer — if you have an extra room, fill it. Let your apartment or your current home work for you. Just be sure you actually sock away that extra income, so you can watch it grow.

Generate a second income: It’s amazing how a few extra dollars can add up over time. A friend of mine taught high school for years and owned an amazing home. When I asked him how he was able to purchase and afford an expensive home in a wonderful neighborhood, he said he had taken on a part-time job as a copywriter for a local paper. He allocated all of that extra income to the purchase of his house. Over time, that money grew and grew.

3. Get Your Credit and Debt in Check

Clean up your credit: A better credit score equals a better mortgage interest rate, which ultimately equals better buying power. Take the necessary steps to clean up your credit. This usually takes time, so plan way ahead—and at least a year in advance. For more on how to improve your credit, click here.

Less debt gives you more buying power: The lower your debt levels are, the stronger your debt-to-income income ratio, which is a key factor when a bank determines how much house you can afford. To keep that ratio in check, and to look favorable to lenders, begin paying down high-interest, revolving balances on credit cards. Also, avoid any big purchases before a potential home purchase. Any big ticket buys (like a new car) can alter your financial picture and prompt a lender to give your finances a more in-depth look.

Student loans do count: For most millennials, student loans can be very high in those early post-college years. Unfortunately, you need to remember that student loans count as debt when the bank is determining your buying power.

4. Downsize Your Dream Home

The starter home: So many people say, “How could I ever buy a decent house in this town?” Well, start thinking smaller. Instead of a $300,000 house, you need to find the one that fits your budget … today. There will be plenty of time to upgrade that starter home into a bigger dream home later. This is where the term “starter home” came from! As you pay down the loan and hopefully build some equity, it’s possible that you may be able to upgrade in five or more years.

Find the same house in a transitional neighborhood: Buying your first home in a transitional area allows you to get into the market relatively cheaply—if you don’t yet have kids, before you have to worry about the local schools—and increase your buying power. It may not be the most sought-after or picturesque community at the moment, but as it improves, your home value will improve with it.

Michael Corbett is Trulia‘s real estate and lifestyle expert. He hosts NBC’s EXTRA’s “Mansions and Millionaires” and has written three books on real estate, including Before You Buy!

Purchasing a place isn’t necessarily the right move for everyone, though. Despite all of the positives of home ownership, there are some very compelling reasons not to rush into a mortgage right now. Here are seven.

You Lose Flexibility

Home ownership provides stability, but that may not always be a good thing when you are in your career-building years. If you are looking for a promotion, an advance, or job change, you may have to relocate to get to that next level. You need to have the ability to move on short notice, maybe even as fast as 30 to 60 days. Having to sell your home quickly could force you to offer it up at a bargain price, in addition to incurring thousands of dollars of closing costs. Sellers typically pay their realtors six percent of the selling price.

There’s No Room For Baby

Millennials are in the prime years for starting families. You may not have one now, but there’s a good chance that will change in the near future. While that cozy home or downtown condo may sound ideal now, you’ll likely feel different as a party of three. After all, pregnancies as well as the first few months of a newborn are stressful enough. Having to find a larger place to live, sell your house and pack your belongings with a due date looming- or a newborn- can be unbearably stressful and costly. It may even put you in the red.

Moving Within Five Years Will Cost You

If for any reason you think you may not be able to stay in your home for five to seven years, you should not buy. It will be cheaper to rent. The rule of thumb used to be seven years, but now that the housing market is stabilizing, that timeline has shifted slightly. With only moderate market appreciation, it will generally take five years for you to recoup the many thousands of buying, selling, and carrying costs. Keep in mind that in the first years of your mortgage, you won’t be building up too much equity. Banks charge a hefty portion of your interest upfront, with very little going to your principal in the first few years.

Small Down Payments Bring Added Risk

If you don’t have enough money saved for a traditional down payment, don’t buy a house right now. I am a big proponent of 20% down. That is not always feasible for most Millennials starting out, and it is lot of money to have saved up. But, unfortunately, it is the safest, most conservative approach to home ownership. If you can’t bank on Mom and Dad for a leg up on the down payment, then think about saving for a few more years.

You Carry Too Much Debt

You can’t overlook your student loans, car loans, and any other debt you have accumulated. Consider paying it down first, particularly credit card debt. Not only can a home purchase slow your debt reduction plan-likely costing you more in interest- banks will not be willing to approve you for a loan if your debt payments eat up a significant share of your income.

Your Job Security is Shaky

First, purchasing a home with today’s new qualified loan standards requires some consistent job history. When you’re in the early stages of your career, there may be jumps and gaps in your resume, which can make getting approved for a mortgage a challenge. What’s more, job situations can change overnight. Once you own a place, losing a job, suffering periods of unemployment, and living on a lower income are not as easily weathered. You may even need to accept a new job with a lower salary, but your housing costs will remain the same. You won’t be able to quickly downsize, and want to avoid needing to sell out of financial desperation.

You’ll End Up Cash Poor

Buying a home often leaves cash poor. After you come up with the down payment, the closing costs, and any renovation that you need to make prior to moving in, your bank account likely looks depleted. Having few dollars to your name is likely not the way you want to start living the ‘American Dream.’ Thus delay buying until you make sure you will have enough cash leftover to weather a job loss, an unexpected emergency, or even a health issue that could impact your earning power. You don’t want to end up house rich, cash poor and nothing to rely on in an emergency. Life happens.

You want to buy a home, but you don’t want to pay 20% more for a brand new home with all the bells and whistles already built in. It just so happens that you’re pretty handy and are willing to trade in some ‘sweat equity’ for a great deal on a house that just needs a little TLC. Buying a place that needs some upgrades is a tried and true formula for getting more house for your money. However, not all “fixers” are the same, and not all of them are going to be right one for you.

There are houses for sale and in need of repair on every other block. How do you know which one is a potential money maker for you? Most properties that are fixers generally fall into one of these three categories- including the one you want to run far, far away from:

1. The Cosmetic Fixer

This is the house that just needs a bit of clean up. The sale price is discounted slightly because the sellers and their agent know that there is work to be done. For whatever reason, the sellers didn’t want to invest anymore time or money in the house prior to sale. Things like new paint, carpet, countertops, lighting, landscaping and a few new appliances will give this cosmetic fixer the face lift it needs. A few dozen trips to the home improvement store should do it!

1. The Downright Ugly Fixer

It may be downright ugly, but it is beautiful to you! It has all the right things wrong with it. This is the fixer that needs more extensive repair and remodeling work than the ‘Cosmetic Fixer’ mentioned above. If you can see its potential beauty, and are willing to commit to the work, you will get the deal that others miss.

Some hallmarks of a ‘downright ugly fixer:’

No Current Curb Appeal: It’s easy to create with fresh front door paint, new house numbers, mailbox, flowering plants and fresh landscaping

Great Bones In Bad Shape: Good construction and architectural lines that have been underutilized or un-accentuated

Dark Interiors Cloaked In Ugly Decor: These turn off other buyers, but this is gone as soon as the moving vans pull away with the seller’s possessions

Outdated Kitchens: Upgrading your kitchen will be one of the biggest expenses, however, it gives you the biggest return on your dollar

Outdated Bathrooms: There are so many great options for bathroom upgrades now at your local home improvement store. You may need to bring in a plumber and tile guy but it will be worth the effort.

A House With Pets, Smokers Or Other Bad Smells: Nasty smells aplenty turn off other home shoppers, but a revamp of carpets and drapes and new paint will usually take care of that smelly issue.

Leaks In The Roof & A Water-Stained Ceiling: These can really turn away potential buyers – but you will most likely be putting on a new roof, so that will usually eliminate the source of the problem

Lots Of Small Rooms, Creating A Choppy Or Claustrophobic Feeling: Look for potential to remove a non-load bearing wall that could open up a kitchen to a living room or den, giving you that all desirable open floor plan.

3. The Fixer Tear Down

When I say ‘a house with the wrong things wrong’, this is the one I mean. This “tear down” house with “broken bones” is the money pit you must run from. If a house has major structural, geological, or severe foundation or environmental problems, you don’t want it. I repeart – you don’t want it. Even if you get the house on the cheap, some problems never go away and are sometimes impossible to fix, no matter how much money you throw at them. This is a Pandora’s Box you do not want to open, because you will never see that money back.

Some telltale signs of a ‘tear down:’

Structural Problems That Are Beyond Repair Economically

Major shifting due to poor foundation work

Unsolvable drainage issues and flooding of the basement

Illegal room additions that appear to be not to code, especially bathrooms

Major fire, earthquake or flood damage

An unstable hillside near the house or slipping or shifting due to soil erosion or flooding

For most of us, leaving the nest was a rite of passage. We went to college, and then proudly headed out into the world to make our own way, while our parents turned our old room into another guest bedroom.

However, for a significant percentage of young adults, that rite of passage is now all about returning to the roost rather than flying solo. According to Gallup research, 14% of millennials (24-to-34-year-olds) have moved back in with their parents. The homeownership rate for those under age 35 was 36.2% in the first quarter of 2014, down from a historical high of 43.1% at the end of 2005, according to Census data. According to numerous economic reports on millennials, this is attributed to a weak job market, high cost of living, significant college debt, and other factors.

These kids, as well as any adult children who have decided to move back in with mom and pop are lovingly referred to as “boomerang kids.” Clearly the analogy is obvious.

For Mom and Dad, who would love to have the ‘kids across the hall’ become the ‘kids across town,’ here are seven pointers you might want to consider:

Start Charging Rent

Cut off the free ride. Yes, it sounds harsh, but you may be doing both you and your kid a favor. Managing money and a monthly budget is something that is not learned in school, and it is certainly not learned hanging out in your parent’s converted attic for free. Give your boomerang kids a real estate reality check. If the free ride comes to a screeching halt and they are paying rent, they will probably want to do it in their own apartment, closer to (or with) their friends, near downtown or a closer drive to their office. Charge rent and enforce it. Once they start getting that first-of-the-month monetary wake up call, it might shock their system enough to have them consider alternative arrangements. If they’re going to have a landlord no matter what, they’re likely to consider a new, more independent situation.

Collect Monthly Payments

Here’s another way to give them a foot out the door – but still a leg up. Start charging them monthly payments now. Let them know that they will have to come up with the monthly equivalent to local rents each month for the next six months. At the end of the six months, you will give them back all the money when they move out. That does three things: You teach them budgeting skills, you incentivize them to move, and you give them a financial helping hand on move-out day.

Be A Strict Landlord

No parties, no loud music, no guests after 10:00 pm. Keep the house rules strict. At some point, your kid is going to want to have a little independence, and some fun too. Living with a strict landlord may just be the incentive he or she needs to find a place of their own.

Set A Deadline…and Stick To It

If you can sense that your boomerang kid is riding out his or her free meal ticket under your roof as long as they can, help them visualize when that ride will end. Create a deadline for them to move out and stick to it, no matter what. It’s likely you never intended to have kids under your roof for more than two decades, so your children need to respect that…and they need to get on with their own lives. Even in a world where millennials are underemployed compared to their Gen X, Y and Baby Boomer counterparts, there are still plenty of ways for them to make a living that enables them to live with a roommate or two or three…elsewhere.

Help Them Get Organized and Overcome The Mental Hurdle

After all the financial aspects are considered, one of the biggest hurdles to making a big move is mental: it just feels overwhelming. So many things to do, buy and organize before it can actually happen. Your child may just need the expertise of someone who’s moved multiple times in their lives to talk them down off the “I’m too overwhelmed and can’t do this” ledge. Map out all the necessities and then make a list of the “nice to haves down the road” so they can see what’s an immediate need, and what can be done over the coming weeks and months.

Gift or Loan Them The Down Payment

Trulia’s latest survey showed that 50% of millennials surveyed plan go to their parents for help with the hefty down payment that’s required to purchase a home in today’s housing market. If you want your adult child up and out of your basement, consider giving them the financial head start now they need to form their own household and be independent.

Buy A Multi-Unit Investment Property

I am a huge proponent of purchasing multiunit properties, such as a duplex or triplex, because they are great investments. In the case of your “failure to launch” millennial, slot them into one of the units of your new property and rent out the others. The rental income is likely to cover much of the costs of ownership, and you’ll have a built-in property manager in the building to keep an eye on things. Plus, your boomerang kid is learning valuable management skills at the same time. It can be an investment property for you, and solve the “son or daughter is still in my basement” problem, all at the same time.

When it comes to buying a house, the highest priced offer gets the house…right? Not always! Sure, a hefty sum on an offer is the first thing that every seller wants to see, but any good real estate agent will advise their seller that each offer is a sum of its parts.

Here are five reasons why you may just beat that higher offer:

Cash Is King

If you can buy with all cash, you will likely win out over a higher-priced offer. According to RealtyTrac’s latest data, 43% of all home sales in 2014 have been all-cash deals. Savvy sellers know the benefits of an all-cash buyer: there is no issue involving mortgages and lenders, the escrow closes faster, and there is no appraisal to worry about.

The Next Best Thing: A Pre-ApprovalLetter

A pre-approval letter is the confirmation from your mortgage broker or bank that you’re ready to buy in a set price range and have been pre-approved for the loan. In essence, the pre-approval letter turns you into a virtual cash buyer, as mortgages are harder to come by these days. Someone may be offering to pay more, but if they are not pre-approved, you will have the leg up, even at a slightly lower price.

Timeline Flexibility

Closing is generally 30, 45, 60, or 90 days. Customizing the length to suit the seller’s needs can often seal the deal over a higher priced offer. A seller generally wants a fast closing. If you have all your ducks in a row, you may be able to pull off 30 days. But what if the house they are moving to won’t be ready for 60 days? They’ll need more time. Find out what they need, and then give it to them. I’ve seen many lower offers win using this tactic.

The “Please Let Me Buy Your House”Letter

I know, I know, you are thinking this is soooo cheesy. However, a friend of mine had three similar offers on the table when he was selling his house. Two of the offers came with very heartfelt letters.

He was actually put off by the buyer who didn’t send a letter because the others did and it made a huge impact—and he sold to one of the letter-writers, even though it was a slightly lower-priced offer than the non-letter writer. Writing a letter may not get you the deal, but if you are the one offer that doesn’t put pen to paper, it could lose it.

Don’t Overload On Contingencies

Contingencies are negotiating tools that give you an opportunity to walk away without consequence. The most common: the inspection, the financing, and the appraisal. However, every contingency you add makes your offer weaker, because it makes it that much harder to close the deal. Make sure you really need them before building them into your offer.

Here are’s some more details on specific contingencies and how to handle each:

Contingent Upon Inspection – I have heard other experts give you the “tip” to forgo the inspection contingency to make your offer more attractive. Here’s my advice: NEVER give up this one. After your inspection, you give the seller your list of problems, current and potential, along with the opportunity to fix them, adjust the price, or give you a credit back. If the seller does not agree to any of your requests, you can walk. You take a huge risk if you waive this. A much better option: offer to do the inspection in the first few days after opening escrow and to give a response to the inspection results within a few days.

Contingent Upon Financing – Don’t omit this one either, unless of course you are paying all cash. With most 30-to-45 day closings, you will usually have 17-to-21 days to get your mortgage approval. Having that pre-approval letter will make this finance contingency less of an issue for your seller.

Contingent Upon Appraisal – It’s very possible that the house may not appraise for what you have offered to pay. However, if you have done your homework, analyzed the comps of the neighborhood, and are comfortable with the price you have offered, then consider waiving this one. The risk is that you will have to come up with any difference between the appraised value and the negotiated sales price. Waiving this contingency really gives you a leg up over the competition, especially in a hot market where the seller is trying to get top dollar.

With the positive momentum in the housing market, more homeowners are ready to put their homes on the market. Don't mess it up.

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If you’ve been paying attention to the news headlines, you’ll know that it’s a “sellers’ market” in many cities right now. But beware – just because prices are up and inventory is down and the market seems prime, don’t become overconfident or careless with your own home. There are plenty of ways you could still sabotage your sale:

Mispricing Your Home. Overpricing your house is a huge money-losing mistake. Yes, the market is hot. But not hot enough that you can push the envelope and price it for way more that the comps will support. Overpricing your home is dangerous – and you can end up burned in this ‘hot market.’ You run the risk that your home will sit on the market for weeks and months and become the stale listing that every home seller wants to avoid. Know the competition and set the right price – never overprice too high in hopes that someone will unknowingly overpay.

Using Lousy Photos. – 90% of all home shoppers start their home search online, and bad photos can tank your home sale. If you let your agent grab a few fast photos of your house on their cell phone on a rainy day and use those for all your online listings, then you’ll likely get passed over for a home with more flattering photos. You also must showcase your house on its ‘best day.’ When the light is shining through the windows, when the countertops and other spaces are clear of clutter and unnecessary items. It astounds me when any home sellers (and their agents) allow photos of rooms scattered with old clothes and filthy, messy kitchens. Every photo should illicit a “wow!”

Refusing to Make Obvious Repairs Prior to Sale. You will lose money if you don’t take care of repairs before the house goes on the market. Showing the house when there are leaking faucets, cracks in the walls, water stains on the celling, and a busted hot water heater are all ways to turn off potential buyers. When you do find a buyer willing to overlook those necessary repairs, they are going to want discounts or credits worth far more than what it would have cost you to make the repair yourself.

Keeping All Your Clutter and Junk. “Oh the house looks fine” you say to your agent. “It’s going to take too long to pack up and get rid of all our extra stuff” you say to your husband. “Buyer’s will see right past all my boxes and collections of plaster cookie jars and shelves overflowing with nick-knacks” you think to yourself. It may sound like a good idea, but it’s not a smart approach. Believe me, I have seen homes come on the market that obviously could have sold so much faster, had the home owners spent just one weekend depersonalizing and removing all their “stuff” inside the home. Clutter makes your home seem smaller, ultimately eating equity and killing deals. Period. De-clutter immediately! Take inventory of all your possessions and think to yourself: should I save it, store it, sell it, or chuck it?

Ignoring the Backyard – Everybody knows that fantastic front curb appeal sells homes, but don’t forget what’s out back. In the summer and fall months, everyone’s attention turns to the outside spaces, where they dream of warm summer nights and outdoor entertaining. If you don’t maximize and capitalize on your backyard, you are missing a huge component of your warm weather living spaces. That back yard patio is not just for storage of old bikes and broken patio furniture that should have been thrown out years ago. In a buyer’s eyes, it can be the most important ‘room’ in the house. You need to stage your backyard and outdoor entertaining areas as beautifully as you would the interior of your home. Green grass, flowers and trimmed trees should be the same standard as your curb-appealed front.

Hiding Problem Issues From the Buyers. I’ve watched too many home sellers pay out big bucks because they didn’t “reveal it all.” Disclose! Disclose! Disclose! Once you have an accepted offer, sellers are required to fill out disclosure statements. If you did renovations to the house without a permit over the years, disclose. If there was a roof leak that damaged the attic two years ago, disclose. If the electrical blows every time you run the dishwasher and the microwave at the same time, disclose. The buyer’s will find out eventually. And if you knowingly have kept things from them, it sets the tone for an ugly and difficult closing. Not to mention that you are setting yourself up for the liability.

Getting Your Ego Involved When Negotiating. Real estate transactions are business deals. Plain and simple. There is no room for ego here. If an offer comes in low, the mistake is to be insulted and not counter back. Always counter back and keep deals in play. Too many sellers take negotiations personally and lose out on creating a win-win deal. Keep your ego out of the equation and put your head back into it. Remember your end goal: getting your house sold and having a smooth and successful closing.

There are many reasons to buy your first home, including dozens of financial benefits and lifestyle benefits. And right now, it’s a buyer’s market; interest rates are still low, hitting 4.34% for a 30 year fixed loan this month. According to the latest Trulia survey, 68% of Millennials are in the market for a home priced at $200,000 or lower. However, home buying is not for everyone. For all the positive aspects to home ownership, there are some very compelling reasons not to buy a home right now. So, if you’re ready to jump headfirst into the ‘American Dream,’ read this first.

Losing Flexibility

Home ownership provides stability, but that may not always be a good thing when you are in your career-building years. If you are looking for a promotion, an advance, or job change, you may have to relocate to get to that next level. You need to have the ability to move on short notice, maybe even as fast as 30 to 60 days. Having to sell your home quickly could force you to offer it up at a bargain price to snag a buyer, in addition to incurring thousands of dollars of closing costs.

No Room For Baby

Millennials are in the prime years for starting families. You may not have one now, but chances are you may in the near future. So, buying that cozy home or condo perfect for the two of you may not be such a great idea when baby makes three. Afterall, having a baby is stressful enough. Having to sell your house to buy a larger one with a due date looming can be unbearably stressful, costly, and may even put you in the red.

Five Years In

If for any reason you think you may not be able to stay in your home for five to seven years, you should not buy. It will be cheaper to rent. The rule of thumb used to be seven years, but now that the housing market is stabilizing, that timeline has shifted slightly. With only moderate market appreciation, it will generally take five years for you to recoup the costs of buying, selling, and carrying costs. Unfortunately, in the first years of your mortgage, you won’t be building up too much equity. Banks charge a hefty portion of your interest upfront, with very little going to your principal in the first few years.

No Money Down, No House

If you don’t have enough money saved for a down payment, don’t buy a house right now. I am a big proponent of 20% down. That is not always feasible for most Millennials starting out, and it is lot of money to have saved up. But, unfortunately, it is the safest, most conservative approach to home ownership. If you can’t bank on Mom and Dad for a leg up on the down payment, then you need to keep saving.

Too Much Debt

Student loans, car loans, and any other debt you have accumulated are all reasons not to buy a house just yet. You will need to pay down your debt first. Not only will a home purchase put a dent in you debt reduction plan, banks will not be willing to approve you for a loan with a high debt-to-income ratio.

Shaky Job Security

First, purchasing a home with today’s new qualified loan standards requires some consistent job history. When you’re in the early stages of your career, there may be jumps and gaps in your history, so getting the loan is going to be a challenge. Once you own a home, be aware that job situations can change overnight. Losing a job, periods of unemployment, and changes in income are not as easily weathered when you own a home. Your income may change, but your housing costs will remain the same. You won’t be able to quickly downsize, leaving you to sell your home out of financial desperation.

Cash Poor

Home buying often leaves buyers cash poor. After you dip into your savings to come up with the down payment, the closing costs, and any renovation that you need to make prior to moving in could leave your bank account in the double digits. That is not the way you want to start living the ‘American Dream.’ Make sure you will have enough cash leftover to weather a job loss, an unexpected emergency, or even a health issue that could impact your earning power. Bottom line: Don’t end up house rich, cash poor and emergency fundless.

Can Buying a Fixer-Upper Ruin Your Marriage?

That beautiful Victorian or mid-century modern home has its charms -- and headaches. (That remodel can even ruin a relationship.) Check out these pros and cons to help you evaluate whether an older home is for you.

Ah…the charm, the detail, the attention to architectural style that you’ll find in a ’20s Craftsman,’40s cottage,’50s postwar,’60s ranch style, ’70s split level, and my personal favorite, the midcentury modern. They each have their own unique elements that add to their charm, and they’re abundant across the United States. Older homes — which are defined as any home or condo that has been “lived in”—constitute the largest category of home sales in the United States.

There are many advantages to purchasing an older home. However, there are some potential hazards to consider before signing up for the house that will need some serious TLC, including the strain it can put on your relationship. In fact, according to a survey by Houzz, 12% of couples admitted to considering a separation or divorce mid-remodel.

But before you decide – let’s look at ALL the pros and cons.

The Pros

They’ve got more charm. The older a home is, the more likely it is to have architectural details and decorative elements that give it personality that you rarely find in new construction.

There’s more selection. There are more of these homes than in any of the other categories of homes. More to choose from means more opportunities to find what you want, and better bargaining power for the buyer!

They’re often less expensive than their new construction counterparts. More often than not, an existing home is more affordable. Some stats even suggest new homes are 20% more than an existing home – and that’s a big price to pay for brand spanking new. In Trulia’s latest survey, just 46% of the people who strongly prefer a new home are actually willing to pay the 20% premium that new homes typically cost.

They’re spacious. Many older homes have room for life to happen, since they’re a bit more spacious than today’s cookie-cutter new construction.

Some land of your own. An older home usually sits on a larger piece of land. Most new construction sits on a developed sub-division or new community, and often, there’s not much open space in the back or the front of the home.

Where everybody knows your name. An older home is usually located in a more developed and established community. I grew up, for example, in the small town of Collingswood, New Jersey. You could walk or ride your bike to the main street with lots of shops and stores.

Upgrade and add value. You have the opportunity to add value to your home with renovation.

Make it your own. Upgrades allow for a degree of personal satisfaction, and you can tailor the home to your specific taste.

The Cons

Press the brakes on that moving van. These homes may not always be move-in ready. Most have varying degrees of repairs, upgrades, and renovations that need to be completed prior to even moving in.

Show me the money. Older homes can sometimes require lots of renovations, which, of course, require lots of money.

Rather not DIY? To be fair to those of you who aren’t handy, willing to get your hands dirty, or face the demands of fixing up a property, this might not be your best option.

Down payment PLUS more. For first-time buyers, dishing out the down payment is enough to break the bank. Coming up with the extra cash to fix up the house to your standards can be extremely difficult.

Upkeep can bring you down. As opposed to new construction homes, you will be faced with more maintenance issues sooner than later. Older homes generally have older systems. Heating, air plumbing and electrical, and even the roof may need to be replaced at some point in the near future.

A messy predicament. Your house will be messy, and perhaps even unlivable for an uncertain amount of time.

What’s the real cost? You never really know how much it will all end up costing. My rule of renovation is that it will always cost you 20% more than you planned.

Shut out of an open floor plan. The desirable open floor plan is going to be harder to find, because that home design didn’t come into popularity until the ‘60s, so many older homes have more rooms and less open flow.

Going green is going to cost you more green! Older homes may not be as energy efficient as some of the new homes with new, more efferent building materials and appliances that cost less to operate on a monthly and yearly basis.

Thus, trying to navigate the move, significant repairs, renovations, your relationship, and the family, may be a lot to juggle all at once. However, the purchase price savings, the more established neighborhood, and all the wonderful charm of an older home may outweigh all the possible downsides. In the end, it’s up to you to decide!

Having witnessed the housing market’s wild ups and downs, Millennials may be wondering what new rules apply in this evolving real estate realm. Luckily, the ‘new rules’ can be discovered in the same tried-and-true traditional rules of home buying that were overlooked in years past.

Whatever the bank says you can afford, subtract 20%, and you’ll never be house poor.

You’re not just buying a house, you’re buying a neighborhood.

It’s harder to get a mortgage because qualifications are more stringent these days. Keep great financial records, and be patient throughout the process.

Don’t expect the market to bail you out. That means no overpaying for a house you can’t really afford in hopes of market appreciation making up the difference.

Less is more. A smaller, practical, easy-to-maintain house is the new, big, rambling mansion.

Stay on top of your credit, and shoot for an excellent score (above 750).

Plan to stay in your home at least 5 years. Think you’ll need to sell before then? Keep renting until you know you can stay put for a while.

Budget for all the ongoing costs of home ownership – not just the monthly mortgage payment. Be sure you have the funds for property taxes, insurance, maintenance, upkeep, and even an emergency repair fund.

If you are questioning your job security and your ability to get a new job quickly in the event of a layoff – don’t buy yet.

To a generation who saw risking everything and buying homes with zero down as the norm, these rules may seem new. But, as they say, everything that’s old eventually becomes new again. In this new era, Millennials simply need to look back to get ahead and buy safely, sanely, and securely in the current housing market.